Vietnamese investment into US rises steadily in QI 2022
Vietnamese businesses increased their investment into the United States in the first quarter of this year, turning it into an attractive investment destination.
Data from the General Statistics Office indicate Vietnamese investment into the US amounted from US$2.9 million in January to US$34.8 million in March, representing a 12-fold increase in three months.
As a result, the US emerged as Vietnam’s second largest investment destination in the first quarter after Laos that attracted US$64.3 million in capital from Vietnamese businesses.
Vietnamese invested projects are focused on science & technology, real estate, wholesale and retail, repairs of cars, motorcycles, and other vehicles, and manufacturing and processing.
Most recently, VinFast, the carmaker under Vietnam’s largest private conglomerate VinGroup, announced its US$4 billion project to build an electric vehicle and battery manufacturing factory in North Carolina.
The project will break the ground this year as soon as the firm receives the necessary permits and is expected to be completed by July 2024. The factory has designed to churn out 150,000 units in the first phase and generate approximately 7,000 jobs for local people.
